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Dear Sir,
I am a Tax Deductor. I have deducted my staff members Income Tax for the F.Y 13-14 in the month of FEB 2014 as TDS for last instalment. But the Salary Bill is not Passed by the Government Treasury (All Are State Govt Employees) due to lack of Funds ( T.P.Allotment for Salary). So I can not get get The BIN Numbers for 4th Quarter for filling TDS. what should I do now. How to file 4th quarter TDS within stipulated time.
Please guide me.
Hi Sandeep, I hope you remember me in DSP BR Bloggers. meet. How are you ? I would like to do guest blogging on your blog and in return want a reciprocal link to my website. Please let me know in case you are interested. If yes, please inform in case any specific topic which you want me to cover or can I choose a recent topic on taxation and write an article…
Would be waiting for your response.
NOW A DAYS TDSCPC (TRACE) CORRECTION RETURN NOT PROCESSED MORE THAN 34 DAYS
RETURN FILED ON 10.02.2014 TODAY DATE IS 14.03.2014.
DAILY PHONE CALLS,MAIL,AND FEEDBACKS TO TDSCPC
TILL DATE PENDING FOR TDSCPC.
WE HAVE MOVE TO COURT AGAINST TDSCPC? NOT PROCESSING IN RETURNS.
MOVE TO COURT?
NOW A DAYS TDSCPC (TRACE) CORRECTION RETURN NOT PROCESSED MORE THAN 3O DAYS
RETURN FILED ON 10.02.2014 TODAY DATE IS 12.03.2014.
DAILY PHONE CALLS,MAIL,AND FEEDBACKS TO TDSCPC
TILL DATE PENDING FOR TDSCPC.
WE HAVE MOVE TO COURT AGAINST TDSCPC? NOT PROCESSING IN RETURNS.
Traces is calculating Interest u/s 201(1A) on a wrong footing. Section 210(1A) states as under :
“(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct the whole or any part of the tax or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest, –
(i) at one per cent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
(ii) at one and one-half per cent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid.
It is clear from Sec 201(1A)(ii) that the interest should be calculated from the date of deduction to the date of payment and it is to be converted to months, e,g, if delay is for less than 30 days (a month) even 1 day 1 month interest and if it is more than 30 days but less than 60 days : 2 months and so on.
The Traces is calculating interest on month to month basis. E.g. even if TDS was deducted on 31.05.13 and paid on 08.06.13 (due date is 07.06.13), interest is being charged for 2 months instead of 1 month as per statute.
Had the intention of the Statute had been to demand tax on monthly basis, the wording should have been “from the month in which such tax was deducted to the month in which such tax is actually paid”.
I am a practicing C.A. I have a client whose status is a society. It has been running educational institution and the gross receipts exceed rupees one crore for the past several years. It has no 12A registration. It has not filed income tax return right from its inception. Now I wish to file the return for the A.Y. 2012 – 13 and 2013-14. In this background I wish to know what is the appropriate form ITR 5 or ITR 7? If it is ITR 5, under what head income has to be offerred? whether business/other soources? If it is business the provisions of sec.44AB would apply. To avoid it I would opt for income from other sources head. Here my query is since our client is maintaining regular books u/s 44AA, whether P&L a/c and B/S are required to be filled in the ITR? Once I fill the P&L a/c, the question of applicability of 44AB would arise. Can I fill income from other sources head directly by showing gross fees and claiming deductions u/s 56 without feeding the p&l and b/s in the ITR? Or shall I fill the P&L and B/S and and nullify the amount shown( i.e. net profit as per P&L a/c.)under the head income from business by filling the relevant colums such as considered under other heads of income (i.e. income from other sources)? In such a case can I avoid attracting the provisions of sec 44AB?
Dear Sir,
Can anyone published the refrence with case law for allowablity of Directors Medical Expeses in foreign and their attendatns??
Eagrly waiting.
rgds
Sandeep Jha
FORM NO 16A DOWNLOADED FROM TDSCPC WEBSITE.
BUT 26AS NOT REFLECTED IN TDSCPC WEBSITE.
SOLVE THE PROBLEM.
MOVE TO SUPREME COURT??
TAXGURU WEBSITE NOT OPNE BY DIRECTLY ON MAIL OR CAN CLICK ON HOME PAGE
dear sir plz write anything about wrong communication and wrong demand raised by CPC (TDS) Ghaziabad to Govt deductors who have filled his TDS returns on due date 31.07.13 for 1qrt but CPC sent notice for late filling levy for 16 days i.e RS 3200, it is mental and physical harassment of deductors and professionals
As per F.No. 4-2/2014-NCM., G.O.I, Ministry Of Minority Affairs, Dated: 6th Feb 2014, JAIN COMMUNITY are covered under Sec2(c) Of National Commission Of Minority Act 1992 as minority So, CAN JAINS CONTINUE WITH HUF I.T File?
A.K.Kanunga
Bangalore-53
Ph: 080 22255531.
Dear Santosh,
In order to get the tax benefit on account of losses incurred for the current year you have to do the following..
a. File current year income tax return within the due date of filing the return by showing your losses.
b. File the income tax return of the next year and claim set off of previous years losses.
This will help you to save taxes on the next year.
NOW A DAYS TDSCPC PROCESSING OF DATAS ORIGINAL & CORRECTION STATEMENT MORE THAN A MONTH AND DIFFICULT TO TDS CREDIT TO THE CONCERN CUSTOMERS & PARTIES.
NSDL SYSTEM BOTH ORIGINAL AND CORRECTION 1 DAY OR 2 DAYS.
TDSCPC SITE IS VERY POOR & PROCESSING ALSO VERY POOR.
Dear Santosh
You can avail a tax benefit, but before that make sure that you have filed your Income Tax returns within due date specified U/s. 139. Income Tax Act specifies that the assessee should file the return within specified date, so you can carry forward your losses to next year and can be claimed under same head. I mean
Ex:
In case of business loss in current year, same loss can be carried forward to next year and can be claimed with profit from business in next year. (to claim such loss return should be filed within specified timelimit mentioned in Act)
I am in fact happy to read this webpage posts which contains plenty of valuable information, thanks
for providing such data.
1. In the past I had taken a home loan for ancestral property renewal/ renovation of Rs 2 Lakhs and repaid back the complete amount. I claimed rebate also on it.
2. Now I wish to have a home of my own and has been granted home loan for it. Will rebate be applicable for this fresh loan.
3. Please uprise
Sir
How many time we can file revised return? What is the time period for revised return? what will be the interest and penalty for late filing return and reduced payment of tax as per Kerala VAT? What will happen if there is a difference in between monthly return and annual return?
A Company has a keyman policy. it has asssign to keyman in 2011 with consideration. now maturity of policy will be received by keyman in this accounting year i.e 2012-2013. now my question is as per amendmend in budget said keyman polic is chargeble to tax or not? before amendmend it was exempted u/s 10(10d)
Hi!
My question is:
Is there any Income tax rebate after paying house tax. If yes, please tell under which section we can avail it.
Hay Good,
I hope massages of mine finds you in the best of health & spirit.
where the sales return effect when sale return form against f from
Vijay chopra
sir
I am business man doing business since 1996 and my sales tax assessment is in progress of 2009-2010 of 31/03/2010,now I have taken some goods from local traders from my own city ,now the department says that from which firm u have purchased the goods are bogus and there nos are cancelled on 10/12/2012 and u are requested to pay the tax ,so pls guide me what should I do
my assessee are doing business and their turnover is below 1 crore for a.y.2013-14 and their profit is more than 8% we are fleling their return as per u/s 44ad and not maintaining books of accounts as per incometax law but assessee maintain books of accounts for other law like vat servicetax and bank pourpose the profit shown in it return as per book maintain by other law can it department can object and refuse to grant benifit u/s 44 ad due to maintain books for other law kindly solve my querry
I RAISE MY QUERY ON 25-9-13 BUT REPLY YET NOT RECEIVED
Dear Sir/Madam,
Sub: Request to notify the e-return changes in advance and extend due date
We would like to compliment the Income Tax Department for introducing e-filing of 3CD report and other e-initiatives. However, we would like to bring to your kind attention the difficulties being faced by us while e-filing due to the constant changes in the Department e-return software without any prior notice. We will come to know of the changes only when we get an error message as ‘Invalid xml’ while uploading the returns. As we take the consent of assessees’ and keep ready the returns to file, it creates a lot of problems to re-prepare the returns as per the latest schema.
At this juncture, we would like to bring to your notice the practice followed by NSDL in the case of e TDS returns. NSDL notifies the new schema in their website at least 7 to 30 days in advance before blocking the acceptance of TDS e-returns prepared in old format. If this best practice is followed by the Income Tax e-filing website also, then it will surely avoid the difficulties which we are facing now.
As per the new 3CD e-filing procedure, we need take up the following actions for each Assessees;
Digital signature of Assessees and CA has to be obtained
Digital signatures have to be registered in IT Dept. website
CA registration in IT Dept. website
Registered CA has to be added in Assessees’ list of CAs
Preparation of Tax audit report
Audited financial accounts have to be signed and scanned for uploading
Valid e-report has to be uploaded
Work list approval by the Assessee
Therefore, e-fling requires a lot of attention and it is time consuming. Therefore, in case of any further changes in your e-return software kindly provide reasonable time-gap before blocking the acceptance of e-returns prepared in old format.
As this is the first year of implementation of 3CD e-return, we are facing a lot of hardship and difficulties. We are under tremendous pressure to do and re-do the same thing due to changes in the schema. Due to frequent changes in schema and additional workload, we are unable to complete our audits within the due date. By your order dated 26-Sept-13, the due date for filing e-report is extended. However, due date to complete the audit has not been extended. Under the circumstances, we request you to extend the due date of filing returns for the Assessment Year 2013-14 by two months.
Please look into this matter and take positive action at the earliest.
my assessee are doing business and their turnover is below 1 crore for a.y.2013-14 and their profit is more than 8% we are fleling their return as per u/s 44ad and not maintaining books of accounts as per incometax law but assessee maintain books of accounts for other law like vat servicetax and bank pourpose the profit shown in it return as per book maintain by other law can it department can object and refuse to grant benifit u/s 44 ad due to maintain books for other law kindly solve my querry
if the Apartment Residents Welfare Association does not adopt Bye Laws and also not registered Can the Owner–member refuse to accept the decisions taken by such Association in their meetings.
I am a retired Defence Service officer.I watch your program”TAX GURU”regularly.It is very informative and educative.I convey my ‘BIG THANKS’to you for the same.
2. I wish to seek your kind advice on the following tax-related issue.
3.My daughter,who is a major by age,is staying in U.S.A. and has now become a citizen of U.S.A. She has a Savings Bank Account jointly with her mother ,in State Bank Of India at JODHPUR,in which she is the ‘FIRST ACCOUNT HOLDER’
4.Out of my savings,I deposit some money regularly in her this Account as ‘GIFT’to her. As I understand,on the Principal Amounts of GIFT, NO income tax is to be paid but it’s interest income is taxable.Kindly advise:-
(a) if Incometax is required to be paid here in INDIA on the entire amount of Interest earned
OR
Interest income upto Rupees Two Lakh will be Tax-free, as Basic Tax Exemption Limit and Income Tax will be
Required to bepaid on amount above Rs Two Lakh and for which FORM-15 G can be submitted to the Bank
(b) Also,can the Tax-exemption on initial Rs.10,000/= of Interest earned on Savings Bank Account can be availed/
Claimed under Section 80TTA.
Thanks,
Yours sincerely
WG CDR R.S. Bhatnagar
[email protected]
Dear Sir,
we M/S. ABC P.LTD.- HARYANA received material from m/s. XYZ LTD. – RAJASTHAN for processing /job work without cst/vat. we have processed the goods and return to m/s. XYZ LTD.RAJASTHAN without cst/vat charges.
in this condition who will issue FORM – F
1. WE ABC P LTD. HR.
2. XYZ LTD. – RAJASTHAN
3. BOTH
Thanking you,
Regards
For abc p ltd.
R/Sir,
what if one surrender the PAN on which tax credits and paper income tax return have been submitted.whether tax credits on surrendered PAN will be transferred to new PAN by IT Deppt.and similarly the ITR1. Pl.clear my doubts.
Respected Sir,
I have requested several times through email to IT Deptt.concerned cell to send my password of PAN Card. I got reply that password has been sent to your registered email ID. I don’t recall that This PAN is registered by me. Had it been registered by me the activation code and link would have been sent to my mobile and email ID.Sir, have only on mobile N0.from 2005 till date and only one email.ID from 2007.
I want to Re-register the PAN for e-filling.Pl.suggest the way out to this problem.
Respected Sir,
Are there any chances of extending the due date for filing the income tax return for Assessment Year 2013-14 who are liable for audit. As the procedure has became time consuming
Respected Sir,
Assessment Year 2013-14, I have not received form No 16 from the present employer, but I received the salary certificate by the present employer. but my question is if I fill the ITR 1 as per the salary certificate and when I go to the TDS sheet than what I will in the BSR Code & challan No
Please Help Me
Piyush Kumar
Ledger- 1 Unsecured loans- XYZ ( Individual ) for the year 2012-2013
Date Particulars Amont Date Particulars Amount
31.3.2013 To Balance c/d 500000.00 01.04.2012 By Balance b/d 500000.00
Total Rs: 500000.00 Total Rs: 500000.00
Ledger -2 Interest paid A/c- Indirect Exp- 2012-2013
Date Particulars Amont Date Particulars Amount
30.04.2012 To Cash ( Being Interest paid to XYZ ) 5,000.00 31.03.2013 By Transfer to P & L A/c 60,000.00
31.05.2012 ” ” 5,000.00
30.06.2012 ” ” 5,000.00
31.07.2012 ” ” 5,000.00
31.08.2012 ” ” 5,000.00
30.09.2012 ” ” 5,000.00
31.10.2012 ” ” 5,000.00
30.11.2012 ” ” 5,000.00
31.12.2012 ” ” 5,000.00
31.01.2013 ” ” 5,000.00
28.02.2013 ” ” 5,000.00
31.03.2013 ” ” 5,000.00
Total Rs: 60,000.00 Total Rs: 60,000.00
Note 1 Ledger -1 is Loan Account where there are no transactions during the year and only opening balance is being again carried
forwared as closing balance of Loans at the year end and interest on same is paid seperately through Interst paid account
Note 2 Ledger -2 is Interest paid account for the above ledger 1 unsecured loans
Queries Following Questions need to be answered Ans this with explanation for ans given
QUESTIONS ANSWER
(a) Does above two ledger accounts voilates provisions of section 269SS, 269T, or 40(a)(3) or any other provisons of Income tax Act ? (a)
(b) Assessee being a trader following mercantile method of accounting does he voilated mercantile method of accounting ? (b)
( C ) Is this nesseary to Credit interest to Loan Account instead of debiting same to Interest paid account in profit and loss account ? ( C )
( d ) Is Cash payment of interest ( Rs 5000 one entry ) , in nominal account is bared by any provision of the income tax act ? ( d )
(e) Does it makes any difference if instead of Interest paid and unsecured loans, these are Interest received and Loans and Advances ( Assets ) Accounts ? (e)
(f) Will any reporting requirement will arise for above while doing 44AB Audit ? (f)
TUMKUR DISTRICT TAX BAR ASSOCIATION (REG.,)
NO.12/1, 9TH CROSS, S.S.PURM, TUMKUR-572102.
PHONE: 0816-2275959, 9141736080.
17/03/2013.
TO,
SHRI.P. CHIDAMBARAM,
Hon’ble Finance Minister,
Govt. of India, North Block,
NEW DELHI-110001.
Hon’ble Sir,
Sub: Return filing for Asst. Year 2013-14 under section 44AB
And problem of wrong adjustment made by CPC- Reg
-0- We are sorry to note that the department has not following the direction so the Hon’Delhi High Court in rectifying the mistakes and wrong adjustments made by the CPC without following any procedures laid down under the Income Tax Act itself. The local jurisdictional income tax officers are not caring for even genuine problems of the assesses whenever the returns are e-filed and many officers are advising us to file the hard copy and not to use the e-filing facility to reduce the problems of the CPC and to get the rectifications done on a faster mode. Just to get the rectification done by the CPC one has to follow un-necessary procedures and correspondence and e-filing of the rectification application etc., which an ordinary assessee cannot follow all these and the department can easily eat the fruits of its wrong things without any natural justice. The Board is not taking any hard steps for easy and early rectifications and in between the assessee and representatives are suffering because of this. The Board knows very well that the returns of income for the assessment year 2013-14 will be filed after 1/04/2013,but every year it will not notify the forms and the e-filing facility will not be opened will June or July and it is practical experience of all who are depending on e-filing facility. Now a days the Banks and other financial institutions will ask for the copy of the IIR V and one has to answer that the department has not started accepting the returns for 2013-14.Is it not a shame on part of the department?
The amendment to 44AB and raising the limit to One Crore has not effected on the small assessee as due to strict introduction of the VAT by all the State Governments the turnover of even a small of the smallest trader has increased because of input tax mechanism, and the Central Government knows it very well and under the circumstances the limit for 44AB would have been kept at 5 Crore and individual assessee should be kept out of the preview of the 44AB. The Central Government is thinking of introducing GST and if the same happens the turnover of all the traders will increase by two fold. This fact should be kept in mind before fixing the 44AB audit turnover limits. The law of 44AB is like “law without justice”. Lewis Carroll in Alice in Wonderland says : “ ‘I’ll be judge, I’ll be jury said cunning old Fury I’ll try the whole cause, and condemn you to death”
TUMKUR DISTRICT TAX BAR ASSOCIATION (REG.,)
The history of the 44AB audit has shown that the same has not resulted in any quality increase in the collection of the revenue nor has deducted any huge block money or irregularities of the assessee nor has reduced the work of the department. Even where the 44AB audit has been done by a CA the Department has disallowed the climes of the assessee while passing order u/s 143(3).Even it has not helped the department to increase the tax base and it remains at the same level as expressed by the Hon’Finance Minister in the Parliament itself. This is because of the complexity in tax laws in the name of simplicity. Here we have to quote Sri Nani A Palkhivala from his preface to the Eight Edition of Income Tax, By, Kanga and Palkhivala:
“Today the Income Tax Act 1961 is a national disgrace. There is no other instance in Indian jurisprudence of an Act mutilated by more than 3300 amendments in less than thirty years. Simple provisions like Section 11 to 13 (which deals with exemption of the income of charitable trusts) have suffered no less than fifty amendments.
The tragedy of India is the tragedy of waste-waste of national time, energy and manpower. Tens of millions of man-hours, crammed with intelligence & knowledge of tax-gatherers, taxpayers and tax advisers- are squandered every year in grappling with the torrential spate of mindless amendments. The feverish activity achieves no more good than a fever.
Our law reports bear witness to the fact that generally a case reaches hearing in the High Court in twenty years and in the Supreme Court in thirty years, after the relevant assessment year. The situation is continuously aggravated by the deluge of new amendments – the indigestible verbiage; and the flood of litigation is heavier today than ever before”
In the same book mentioning about the object of tax policy:-
“Two things strike the student of Indian income-tax with trepidation and amazement- the precipitate and chronic tinkering with the law by bureaucrats who are the unacknowledged legislators of India, and the anaesthetized patience of the Indian public .Truly, we Indians area “low arousal” people. We endure injustice and unfairness with feudalistic servility and fatalistic resignation. The poor of India endure inhuman conditions which would lead to a bloody resolution in any other country. The rich endure foolish laws and maddening amendments which benefit none circumvent the law than to fight for its repeal.
Taxes are the lifeblood of any government, but it cannot b e over emphasized that the blood is taken from the arteries of the taxpayers and therefore, the transfusion has to be accomplished in accordance with the principles of justice and fair play.
Every government has a right to levy taxes. But no government has the right in the process of extracting tax, to cause misery and harassment to the tax payer and the gnawing feeling that he is made the victim of palpable injustice”.
If we see the present tax policies and the working of the CPC and the administration of TDS and TCS shows how carelessly the tax policies are framed and administered by the Government.
Specially in Karnataka this year the availability of CA’s for the 44AB audit is doubtful as the Department of Co-Op Audit has allotted all the audit work of the co-operative societies to the CA’s and most of them have been allotted more than 50 to 65 societies and the limit for the audit as fixed by the ICAI is only 40.Under the circumstances the Board should think now itself to reconsider the limit of 44AB audit or it should be made applicable only for Corporate Sector and keeping away the individual assessees from the ambit of 44AB audit. To know more details about this kindly logon to http://www.sahakaradarpana.kar.nic.in and link http://sahakaradarpana.kar.nic.in/ca/CAPanelOrder.aspx where you can see for yourself that how the limit for 44AB audit will work out for the assessment year 2013-14. The voluntary compliance of returns will come down if these restrictions are put for filing the returns of income. The tax collection process should be smooth.
TUMKUR DISTRICT TAX BAR ASSOCIATION (REG.,)
We request the Finance Minister to consider the facts and circumstances under which we are requesting for the amendment to 44AB or increasing the limits of the 44AB or restrict the 44AB to the corporate sector or where the public money is involved. And further we would like to remind your good self “What is the argument on the other side? Only this that no case has been found in which it has been done before. That argument does not appeal to me in the least. If we never do anything which has not been done before, we shall never get anywhere. The law will stand still whilst the rest of the world goes on; and that will be bad for both” (Denning L.J).
Thanking you sir,
Yours faithfully,
For Tumkur Dist., Tax Bar Association (Reg.,)
S.Prakash,
Hon’President.
Copy With Respects to:-
1. The Chairman,
Central Board of Direct Taxes,
North Block, New Delhi-110001.
2. Ms.Rita Dogra,
Under Secretary to Govt. of India,
Ministry of Corporate Affairs,
Shastri Bhawan,
“A” Wing, 5th Floor,
Dr.Rajendra Prasad Road,
New Delhi-110001.
3. Shri.Rajesh Kumar Bhoot,
Director (TPL-III),
Central Board of Direct Taxes,
North Block, New Delhi-110001.
TUMKUR DISTRICT TAX BAR ASSOCIATION (REG.,)
1. In many case , the matters before the Hon’ble ITAT are restored to the files of Commissioner of Income Tax [Appeal] Such matters are not taken up for hearing for years together by the concerned CIT[A] . The law does not permit to direct the CIT[A] to take up the matter restored to him in reasonable time and matters remain pending for long. It is appreciated that when very complicated legal issues are involved, the ld CIT[A] may take time to study the legal / factual position , but the hearing of the case must be taken in reasonable time by the ld CIT[A] . Even the rewritten communications to CIT[A] for early fixation of the appeal fail to bring any result . The writ in court of law is expensive exercise and not possible to be taken up by all persons . Is there any remedial measures ? whether approach to CCIT or CBDT useful ? Even these authorities are not permitted in law to direct the ld CIT{A} for deciding the appeals within time frame . Any other suggestion / guidance shall be appreciated.
2. Where appeal filing fees to ITAT is paid in excess of the required amount of fees payable , how the excess amount is to be claimed back ? The registry office suggests that only the assessing officer is entitled to grant refund. The assessing officer advises such collections are not reflected in his Demand / collection register > suggestion / guidance for claiming the refund shall be appreciated.
respected sir
I want to know about to file e-tds for salary whether the employees tds deducected by two different employer within one financial year 2012-2013.
FOR 9 MONTHS IN ONE TAN & 3 MONTHS IN ANOTHER ANOTHER TAN
Dear sir,
Please tell me, will reverse mechanism rule apply on CO-operative Societies. i means in Milk sector … Because in this rule nowhere is written about .. co operative societies
I am business men.my gross turnover is 25 Lacks. & my net profit 5%. what,am i liable for income tax audit u/s 44AB? Plz, reply
Self is working in construction company & we are shifting mtrl from store to various location where the work is under process. My question is whethear TDS is applicable for transporter, which is enaged on trip basis,also note transporter have provided PAN card to us.
Requesting your kind reply.
which % amount have to be deposited for an INCOME TAX appeAL
Dears,
One of my customers etds efiling made as nil return for 26Q4 initially. Now they like to make some corrections in the same quarter file. how can I download “conso file ” from tdscpc.gov.in site. Anyone help me in this regard. please.
g.karthikeyan
95855 24309
dear sir,
in the year 1982 i purchased a site in name of my mother and elder mother worth 2100000/- and on this day i have sold the same land for 2cr odd,which is divided in 2 parts. now i want to know what will be the capital gain for this. and what kind of property should i buy i,e; a resident site or a commercial site.
kindly suggest,
thanking you
rakesh.
SERVICE TAX MODEL QUESTION PAPER
Exercise 1: Point of Taxation – Intellectual Property Services – Rule 8
(a) Nilgiris, one of the leading departmental stores in Southern India, has permitted the use of its brand name against a fixed royalty of Rs.10 Lakhs per month. The invoice for the period ended 31.01.2011 for Rs.10 Lakhs is raised on 12.02.2011. Payment is received on 15.02.2011. Determine the POT.
(b) What will be the POT if the invoice was raised on 17.03.2011.
(c) What will be the POT if the agreement terms contained an income of 5% of sales made every year. The Invoice for this income is raised on 15.03.2011 which is paid on 17.03.2011.
Exercise 2: Change in Effective Rate of Tax
(a) M/s Saravana Bavan has been roped in by M/s ICAI for providing food during the CPE meeting. The Firm provided the service for the CPE meeting on 12.03.2012 on which date the ST rate is 10%. However, the invoice for the same is raised for Rs.1,00,000 (inclusive of ST) on 23.03.2012 on which the date the ST rate is 12%. Determine the rate applicable. (Note: Payment is received on 15.03.2012)
(b) What would be your conclusion if the invoice is raised only on 15.04.2012.
(c) M/s Glow Ltd, an Event Management Company arranges cultural events for M/s Infosys Ltd. However, the company received an advance of Rs.5,00,000 from Infosys on 15.03.2012 for arranging the show on 15.04.2012. The Invoice for the same is raised on 15.04.2012. ST Rate was increased from 10% to 12% on 17.03.2012
Exercise 3: Relevant Date for Taxable Value
(a) M/s Green Trends Pvt Ltd decided on 01.02.2013 that as a special offer for its members, the charges for hairdressing shall be reduced from Rs.150 to Rs.100 with retrospective effect from 01.12.2012. However, during the period between 01.12.2012 to 31.01.2012, the Company has carried out 500 hairdressings with Invoice and Payment being received on the same day. Determine the taxable value of such service.
Exercise 4: Relevant Date for Exchange Rate
M/s Standard and Poor’s issues a monthly insight on the global markets, mainly focusing on international commodity markets. M/s B Ltd, accessed such report online by paying the monthly subscription charges of USD 1,500 per month. The Company paid USD 1,500 p.m. on 25.04.2012 for the period 01.05.12 to 31.12.12. The Exchange rates were (a) Rate notified on 25.03.12 by CBEC for bill of entries to be filed in April 2012 – Rs.52, (b) RBI Rate on 25.04.2012 – Rs.54, (c) Actual rate of settlement – Rs.55.
NEGATIVE LIST
Exercise 5: Exemptions to Transport of passengers
M/s Transporters Ltd carried out the following activities during the FY 2011 – 12:
Nature of Service Rs.
(a) Radio taxis for customers in Delhi 10 Lakhs
(b) It operates a fleet of air planes (both domestic and international). Domestic Transport tickets 99 Lakhs
(c) Vehicles let out on hire to B Ltd for carrying its employees 2 Lakhs
(d) Transport of passengers from Chennai to Bangalore, with 3 or 4 stops in between 15 Lakhs
(e) Charges for accompanied bags charged from the above passengers 1 Lakh
(f) Vessels between the Chennai Port and Port Blair for public transportation of passengers 15 Lakhs
(g) Operation of cruise ships 30 Lakhs
(h) International Transport from India to other countries 75 Lakhs
(i) Domestic transport of passengers from Assam to Chennai by road 5 Lakhs
CLASSIFICATION OF SERVICES
Exercise 6: Classification
(a) Mr.A, a Chartered Accountant, verified the books of accounts of Mr.B. What is the nature of this service –
(b) DLF property developers has conceptualized, designed and developed a residential complex for the employees of Central Government. The company carried out the entire activities from start to finish.
During the course of service, the company employed an architect for design and an interior decorator for furnishing the complex. However, a separate fees is not negotiated for such services and are hence included in overall price negotiated. Determine the classification.
(c) M/s Taj Hotels Ltd provides a package for 7 days hotel accommodation inclusive of food. How should such service be classified?
(d) M/s India Airlines is engaged in transportation of passengers from one place to another. However, the company also supplies food during transportation. The airlines raise a single consolidated bill for such service. How to classify such service?
(e) Boarding Schools provide education and also dwelling for the students. Explain the classification.
(f) M/s Fitness One services provides fitness services. However, as part of its services, it also provides Ayurveda and Meditation as a therapy during the course of fitness services. Explain.
(g) M/s A Ltd is engaged in providing computer training to an Educational Institution to train the faculties. The Company roped in Mr.A, who is computer professional and a leading faculty for training the students and consideration is Rs.15 Lakhs. Whether Mr.A is liable for service tax.
VALUATION OF SERVICES
Exercise 7:
(a) M/s Shaadi.Com, which is an online matrimony service, charged Rs.20,000 from its customers. However, it did not charge any service tax as it thought that its services are exempt from service tax since it is related to religious activity. Later it came to know the activity is chargeable to tax @ 12.36%. Determine taxable value and service tax.
(b) M/s A Ltd charged Rs.10,10,300 inclusive of service tax @ 10.3%. However, the correct rate of service tax was 12.36%. Determine the Taxable Value and Tax liability.
Service Tax Procedures
Exercise 8: Payment by cheque
The due date for payment of ST is on 05.06.2012. The Assessee drew a cheque dated 04.06.2012 and remitted into the ST department on 05.06.2012. But the cheque got cleared only on 10.06.2012. Is the assessee liable for interest?
Exercise 9: Non–Payment of Service Tax
(a) S Ltd. provides Management Consultancy Services that are subject to service tax. In respect of the services rendered during the month of December, 2011 the service tax of Rs.1 lakh was remitted to Government treasury on January 20, 2012. Arrive at the penalty u/s 76 of the Finance Act, 1994.
s
(b) Also calculate the interest payable in the above case.
(c) Determine the penalty if the true and additional disclosures are available in the records.
Exercise 9: Payment of Excess Service Tax
(a) M/s Z Ltd provided services to M/s A Ltd for a consideration of Rs.30 Lakhs + 12.36% on 15.03.2012. However, M/s A Ltd paid Rs.24 Lakhs + 12.36% to M/s Z Ltd on 17.06.2012. M/s Z Ltd accepted the same as a final consideration in full satisfaction of the claims, as there was deficiency of service. Z Ltd wrote off the balance amount from its books on 18.07.2012 Determine implications of this situation.
(b) What would be your answer if the payment is reduced because of insolvency of M/s Z Ltd.
Exercise 37: Collection of Excess Service Tax
M/s Apollo Hospitals Ltd charged service tax of Rs.2 Lakhs on its medical services rendered to an individual on 15.10.2012. However, the company came to know later that medical services are not liable for service tax. Advice the Service Provider.
Hi
Can i take benefit of Housing Loan from parents + Loss on the same property which is rented out.
For e.g I take home loan from parents of RS 10,000,00
Monthly EMI towards Loan 12,500 (150000 Annually)
Rent from property 3000 PM (36000 Annually)
Municipality tax and other expenses(roughly 15000)
Loss on property 36000-15000-150000 = -129000
Is it possible to claim both 150,000 (interest paid to parents)
+ 129000 loss on property
If either of one is possible
what sort of document is required to show housing loan from parent
I.e. how to show money borrowed from parents. should cheque be given to builder from parents account(similar to bank)
or
Money should be transferred to my account and then give a cheque to builder.
Hi
Can I take benefit of Housing Loan on property from parents + Loss on the same property which is rented out
i.e.
For e.g. I take home loan from parents of RS 10,000,00
Monthly EMI towards Loan 12,500 (150000 Annually)
Rent from property 3000 PM (36000 Annually)
Municipality tax and other expenses(roughly 15000)
Loss on property 36000-15000-150000 = -129000
Is it possible to claim both 150,000 (interest paid to parents)
+ 129000 loss on property
sir, My Client is Reg: Under Sec 15 COT, Shoe and Slipper Dealer, having Not turnover exceeding Rs 20 lac PA, Recently VAT Officer i.e.. CTO visited and inspected Stocks and Asked us to file a Trading Account(TA) as on date of Inspection, the Same was prepared by our accountant and filed, Further the closing Stock as per TA was 635000, and Physical Stock were Worth Rs 840000, ther Officer Proposes that v have made URD Purchase and should have paid the Input Tax On Purchase Made from URD, hence by suppressing the purchases have made offense Punishable, further v r asked to Pay Tax At Rate of 14.5% on stock in excess found and penalty in addition, but we have recorded all sale n Pur n have never skipped any entry. the profits may very on every such sale and on many purchase made under Discount Schemes from suppliers hence the Profits margin was not confirmed to arrive at correct closing stocks. and if the stock were found less the officer would propose suppression of sale Notice. any way tax payers shall be penalized on trap Account. Please state what to appeal. what are the substantial Question of Law.
I had purchased property on 17th April 2008 for 53,50,000/- with home loan of Rs.30,00,000/-, in joint names of my & my brother,
We repaid full home loan in February 2013, & also will be selling the flat in March 2013 for 1,50,00,000/-
What will be capital gain tax,
The amount paid as interest on home loan will it be calculated in my income & not allowed as deductions for capital gain tax ?
Please reply as soon as possible & help us in understanding the tax liability ,
Regards
i have sold a property on 15th Feb 2013 for rupees 40 lac possession of property given. the said property is a residential house came from will of my grand mother which was originally bought for rupees 50000/-, construction done for five lac in 1985. the sale proceed are rupees 25 lac received on 15th feb2013 and i have also paid for registry charges which was 2,50,000 thousand rupees mentioned in registered sale deed. rupees fifteen lac received via pdc for 5 lac on 15th April 2015 and 10 lac on 15th Nov 2015 mentioned in registered sale deed.
when will capital gain arise and at what amount?
Why Admission Fees is not eligible for tax exemption while claim tuition fees? Also spouse eduction fee is not eligible for tax exemption? please expalin
what is taxability if license purchase from outside india for use of company only not for sale and payment made for training provided related to software purchase
what is tax effect
service tax, vat, excise, Tds,
who is liable to pay above taxes at ti,e of purchase of license and at time of training provided.
if u have any article for above then send me.